City Finance Cost(s)
Finance (Interest) Cost(s)
2017/2018 Annual Plan
There was much joy and jubilation Hamilton receiving $272 million interest free from the Government $1 billion infrastructure fund. The current debt is $434 million; finance (interest) cost is $21,819,000 (nearly $22 million per year). The increase of $272 million will push the debt to $706 million with additional cost of $27.2 million per year to pay back the $272 million takes the annual interest (finance) cost to $41.019 million and pushes the net interest–cost-to-total-revenue to 20.78%.
Current Finance Cost (Interest) $21,819,000
Plus
Infrastructure Fund Payments $27,200,000
$49,019,000 per year
Broken down Council (Ratepayers) have to fund/find
Monthly (12) $4,084,916.67
Weekly (52) $942,673.08
Daily (365) $134,298.63
As well as run the daily operation of the city. All of this takes no account of
:
a. $13.3 million at ‘Waterworld’ www.stuff.co.nz...
b. The Water Pipes leading to the East
c. The ‘Frankton Plan’ the ‘River Plan’, the ‘Ferrybank Plan’ the ‘CBD plan’ and at least another 20 odd other projects Council have pencilled in and some supposedly FUNDED.
d. Oh, the ZOO $15.7 million
e. $34.5 million on Founders Theatre www.stuff.co.nz...
f. Not to mention other ‘Dreams are Free’ Plans/Projects proposed by Council.
If Ratepayers objected to the recent “Free” parking proposal, imagine the reaction when they receive their rates to fund this 20.78% interest–cost-to-total-revenue plus any other ‘Dreams are Free’
Hamilton is in deep do dos.
Austerity is the order of the day – cut one’s cloth…the alternative will be to price people out of their homes, it has happened overseas the conditions are the same.
Unlock the Answer: Today’s Riddle is Trickier Than You Think!
What English word retains the same pronunciation, even after you take away four of its five letters?
Do you think you know the answer to our daily riddle? Don't spoil it for your neighbours! Simply 'Like' this post and we'll post the answer in the comments below at 2pm.
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Head here and hover on the Following button on the top right of the page (and it will show Unfollow) and then click it. If it is giving you the option to Follow, then you've successfully unfollowed the Riddles page.
Riddle Me That: Ready to Test Your Wits?
If the prisoner tells a lie, he'll be hanged;
if he tells the truth, he'll be beheaded.
What can he say to save himself?
Do you think you know the answer to our daily riddle? Don't spoil it for your neighbours! Simply 'Like' this post and we'll post the answer in the comments below at 2pm.
Want to stop seeing riddles in your newsfeed?
Head here and hover on the Following button on the top right of the page (and it will show Unfollow) and then click it. If it is giving you the option to Follow, then you've successfully unfollowed the Riddles page.
Poll: Is it rude to talk on the phone on a bus?
Buses can be a relaxing way to get home if you have a seat and enough space. However, it can be off-putting when someone is taking a phone call next to you.
Do you think it's inconsiderate for people to have lengthy phone calls on a bus? Vote in the poll, and add your comments below.
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66.1% Yes
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31.5% No
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2.4% Other - I'll share below
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